Home sales fell in July while the median sale price of single-family homes in San Diego County continued to stabilize above $500,000, according to new housing statistics from the Greater San Diego Association of Realtors (SDAR).
Single-family resale homes sold in July decreased by about 13 percent compared to June, while sales of previously owned condominiums/townhomes fell about 2 percent.
The median price of single-family homes sold in July was $517,000, down slightly from June, but still 7 percent higher than July 2013. Condos and townhomes sold at a median price of $325,000, down by about 3 percent from June, and about the same as a year ago.
Meanwhile, the number of active listings in San Diego County is approaching 8,500 on the Multiple Listing Service (MLS). That is the highest it's been in 2 1/2 years, yet it represents only about 3 months of inventory. Six months of housing stock is generally considered a healthy inventory level, a point the San Diego market hasn't seen since 2011.
On average, homes continue to stay on the market less than 40 days and are selling 19 percent faster than a year ago and nearly 50 percent faster than 2012.
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Nov. 20 1014 -- George Chamberlin speaks with Dr. Lynn Reaser, chief economist for Point Loma Nazarene University at the Fermanian Business & Economic Institute, and Leslie Kilpatrick, 2014 president of the Greater San Diego Association of Realtors, about recovery in the local real estate market.
June 26, 2104 -- George Chamberlin speaks with Leslie Kilpatrick, president of the Greater San Diego Association of Realtors, and Donald Coleman, vice president of real estate member experience for USE Credit Union, about what's happening in the residential real estate market and the role a credit union can play in buying a home.
March 29, 2012 -- George Chamberlin talks to Linda Lee, a broker with Keller Williams San Diego Metro, about China's interest in investing in the U.S. real estate market.